Sample Petition Requesting Termination Of Concordat
TERMINATION OF CONCORDAT
The termination of the concordat is the decision of the Commercial Court of First Instance to cancel the concordat in case the conditions stipulated in the law are realized. The law provides for a dual distinction as partial and complete termination. The decision to terminate the concordat may be made for all creditors or only for one creditor.
1) Partial Termination of Concordat
Any creditor who has not been fulfilled as stipulated in the concordat project may request the termination of the concordat for itself, while retaining the new rights it has acquired pursuant to the concordat. This request shall be made to the court that issued the concordat approval decision. The termination decision here does not concern all creditors, but only the creditor making the request.
If any of the creditors are not paid as stipulated in the concordat project, the relevant creditor has some optional rights. This Creditor
– may pursue against the debtor through attachment.
– BEC. 206. Since the privileged receivables in the first row in Article 206 and the performance of the debts concluded with the approval of the commissioner within the grace period are secured by law, the relevant creditors may request this security.
– Another option is that the creditor may request the court to terminate the concordat in order to return to the situation before the concordat.
2) Complete Termination of Concordat
If the debtor, whose concordat project has been approved, has crippled the concordat in bad faith, the court may decide to terminate the concordat completely. Any creditor may assert the claim that the debtor has crippled the concordat in bad faith. In the event that the concordat is terminated, it will be valid for all creditors, not only for the creditor requesting termination.
Any creditor may request the complete termination of the concordat. Therefore, creditors whose claims are in dispute may also request the court to terminate the concordat completely due to the debtor’s bad faith.
… TO THE COURT OF FIRST INSTANCE
DEFENDANT :
PROVOCATE :
ADDRESS :
DEFENDANT :
ADDRESS :
SUBJECT : Consists of the Request for Termination of Concordat.
EXPLANATIONS
1-) The concordat proposed by the defendant company has been approved by the decision of your Court dated …/…/…/…and numbered …/….
2-) According to the payment project, the first installment must be paid on …/…/…/…date, while it is seen that the defendant has not made any payment until this date.
3-) It has become necessary to file a lawsuit due to the defendant’s violation of the concordat conditions.
LEGAL GROUNDS : Article 307 of 2004 S. Law and related legislation.
LEGAL EVIDENCES : Concordat file, notice, witness statements and other evidence.
CONCLUSION AND REQUEST : For the reasons explained above, we respectfully request on behalf of our client that the concordat be terminated and that the costs of the proceedings and attorney fees be charged to the other party.
Plaintiff Attorney